Point72 Hong Kong Ltd Has $154,000 Position in State Street Corp (STT)
Point72 Hong Kong Ltd decreased its stake in State Street Corp (NYSE:STT) by 58.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,650 shares of the asset manager’s stock after selling 2,297 shares during the period. Point72 Hong Kong Ltd’s holdings in State Street were worth $154,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of State Street in the second quarter valued at approximately $109,000. Adviser Investments LLC acquired a new stake in shares of State Street in the first quarter valued at approximately $145,000. Delta Asset Management LLC TN acquired a new stake in shares of State Street in the second quarter valued at approximately $142,000. Signaturefd LLC acquired a new stake in shares of State Street in the first quarter valued at approximately $160,000. Finally, Institutional & Family Asset Management LLC acquired a new stake in shares of State Street in the first quarter valued at approximately $162,000. Institutional investors own 86.73% of the company’s stock.
Shares of State Street stock traded down $0.54 during trading on Friday, hitting $86.37. The company’s stock had a trading volume of 2,260,020 shares, compared to its average volume of 2,049,948. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.54. The stock has a market cap of $30.65 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.00 and a beta of 1.22. State Street Corp has a 52 week low of $82.43 and a 52 week high of $114.27.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 28th. This represents a $1.88 annualized dividend and a dividend yield of 2.18%. This is a positive change from State Street’s previous quarterly dividend of $0.42. State Street’s dividend payout ratio is currently 31.54%.
In related news, insider Jeff D. Conway sold 343 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.16, for a total value of $28,523.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joseph L. Hooley sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total transaction of $2,075,250.00. The disclosure for this sale can be found here. Insiders have sold 26,954 shares of company stock worth $2,237,777 in the last quarter. Company insiders own 0.40% of the company’s stock.
A number of research firms have recently weighed in on STT. Deutsche Bank dropped their price target on shares of State Street from $116.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, June 29th. Jefferies Financial Group restated a “hold” rating and set a $91.00 price objective on shares of State Street in a research report on Tuesday, July 24th. Keefe, Bruyette & Woods restated a “buy” rating and set a $100.00 price objective on shares of State Street in a research report on Monday, July 23rd. Credit Suisse Group lowered their price objective on shares of State Street from $110.00 to $103.00 and set a “$87.02” rating for the company in a research report on Monday, July 23rd. Finally, Morgan Stanley decreased their target price on shares of State Street from $117.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Monday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $105.57.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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